The market set on the Sukuk and the Takaful

The Governing Council, meeting on 13 July, adopted Bill 40-17 on the status of Bank Al-Maghrib (BAM) and the two long awaited draft decrees on the Sukuk and Takaful. The new BAM project broadens the institution’s mission to contributing to the prevention of systemic risk and strengthening financial stability. The draft text, which is part of the adaptation to the evolution of the legal and institutional environment of BAM since the implementation of the law n ° 76-03 bearing the status of Bank Al-Maghrib in 2006, gives the Central Bank complete autonomy by giving it the power to define the objective of price stability, which becomes its main objective, and to conduct monetary policy in complete independence. Given the interaction between monetary policy and exchange rate policy and in order to comply with international best practice, the draft text specifies that Bank Al-Maghrib implements exchange rate policy under the Changes and its orientations set by the Minister of Finance after advice from BAM. The latter is also authorized to use foreign exchange reserves for the purpose of defending or preserving the value of the dirham in the event of a flexible exchange rate regime.

The draft Sukuk decree, which will allow participating banks to raise funds, stipulates that “by a decision of the governmental authority responsible for finance, with the assent of the Supreme Council of Ulema, Techniques of Sukuks certificates to be placed with resident investors as well as the terms of their issue “. The Minister of Finance, Mohamed Boussaïd had indicated during a session of questions to the parliament on July 11 that the programs of Sukuks will have to intervene “in the coming weeks”. Probably in September, as Abdellatif Jouahri, the governor of BAM, said after the last board meeting of the institution. The Decree on Takaful applies Articles 10-5 and 248-1 of the Law on the Insurance Code. This decree authorizes the governmental authority in charge of finance to set, by a decision taken on the basis of a proposal by the Mechanism and with the assent of the Higher Council of Oulema, the specific implementing provisions relating to the Takaful insurance contract And the terms and conditions of the operations of this type of insurance. It also empowers the Minister of Finance to determine, in accordance with a decision taken on a proposal by the Mechanism and with the assent of the Higher Council of Oulema, the criteria and terms of remuneration for the insurance and reinsurance undertaking The management of the Takaful account as well as the distribution of the technical and financial surpluses between the participants in the operations of this contract.